I have a good friend. Great guy. But he has an old B&E felony from his younger and stupider days. I'm not loaning him a pistol. A knife, a baseball bat, or a number of other, non-regulated weapons, sure. But a handgun is asking to send me to jail.
Now, on the other side of the coin, if it were someone in my "extended family" (including old family friends and the like), then yeah, I'd probably loan them a weapon, up to a firearm. I might even spring for a basic youth shotgun just for them. I have known some of them for decades. They have no record, they are upstanding members of their respective communities. If they needed a weapon for protection, and I had the means to provide it, then they'd have it.
It is really a judgement call. I can't speak for you or your buddies.